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It’s Deja Vu All Over Again!

It’s Deja Vu All Over Again!

The calendar says 2015. The emails, phone calls and other noise tells me it’s 2007. The radio ads inviting people to flipping seminars are back. Come hear my system so you can make 5, 10, 15,000 per month with bad credit and no money! And the subprime lenders with stated income are all over my email. There are even lenders out there telling me to tell the buyers to say they will be investors (when they are actually going to live there) so they can get the no docs. June home sales were down a little. All the signs are pointing to the roller coaster to start going back down the track. Don’t buy now. It’s over. You heard it hear first. Share this:TwitterFacebookGoogleTumblrLinkedInEmailPrintPocketRedditPinterestLike this:Like...

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August 1, 2015…a Day You Will Hate Forever

8/1/15 may become the worst day in the history of residential real estate and mortgage banking.  That is the day the new CFPB inspired Dodd-Frank disclosure rules come into effect. Because of them, the days of the 30 day close are over.  One tiny little move in fees and you wait, one little change of a closing sheet could cause a 3 day delay, you will have to wait much longer to even order an appraisal. By my calculations, not many people were desperately ripped off or hurt by the current system, but the CFPB felt different.  Did they just need to do something? Well, whatever, it’s not going to be delayed and it’s going to stay around for awhile so get used to it. Want to know more details?  Contact me and/or listen to this video.   Share this:TwitterFacebookGoogleTumblrLinkedInEmailPrintPocketRedditPinterestLike this:Like...

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FHA Self Employed Guidelines Beg You to Commit Fraud

FHA Self Employed Guidelines Beg You to Commit Fraud

Yes, it’s 2015 and you read that correctly. FHA has instituted a guideline for self employed borrowers that require that they give the lender the two years tax returns AND a profit and loss statement that is for YTD (year to date). That YTD statement on needs to be produced by the borrower from their own records.  It does not have to be reviewed, compiled or audited by the CPA of the company. FHA also asks for no back up, no QC and the safeguard that this is the correct income.  So, the self employed borrower can go into their accounting software and make sure the numbers match. Loan officers around the country will be telling these borrowers that the FHA guideline is requiring that their P and L be in line with the previous income.  This is reminiscent of the times when they used to tell borrowers how much they needed to qualify for a stated income loan. And, what about the people in retail that make it...

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Media Reel

http://fredglick.com/wp-content/uploads/2015/04/Fred-Glick-Reel-SD.mp4 Some fun CNBC highlights from over the years.  Enjoy! Share this:TwitterFacebookGoogleTumblrLinkedInEmailPrintPocketRedditPinterestLike this:Like...

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How a Refi Can Make a Real Estate Agent Money

Rates are back to being real low. I priced a 30 year fixed at 3.5% and a 15 year under 3! Also, the FHA has lowered their monthly mortgage insurance premium by 1/2%How can this help you?  Simple.  It’s now an opportunity to contact your previous buyers with something significant.  We all get besieged by emails and mailers talking about how to plant tulips or favorite recipes.  They are nice, but it does not get anyone excited.Saving money, especially a lot of money does.  And, YOU are the hero real estate agent that took the time and had the smarts to tell them what’s going on.  You want your clients to think that you are the housing world expert and that includes mortgages.Also, this is a great time to ask them if they know anyone who is buying, selling or an agent that may be interested in moving to another company (like yours).Or, there may be marital discourse and the home needs to get listed.Touchpoints, sphere of influence.  Bottom...

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Why Can’t We be Friends? Insurance versus Mortgage Versus Real Estate Brokers

Why Can’t We be Friends? Insurance versus Mortgage Versus Real Estate Brokers

Insurance companies.  Insurance Brokers.  Love them or hate them…. If you are in the mortgage business, you hate them. Example?  Today, I am doing a refinance for a customer and need the Association’s insurance policy. We called the current broker and they said that the current policy expires on Friday and they have not picked a new company to bind coverage yet. Problem?  Yes!  My customer’s rate expires and needs to close.  The lender needs to know that there will be coverage and what that coverage is. The insurance broker won’t return calls, is out to lunch and doesn’t give a hoot. Also, the Homeowner’s Association is not aware that this is an issue and they don’t care either. CAn’t we all just understand who needs what and when?  It’s no skin off anyone’s back to communicate and understand the situation. Working together is important.  As real estate and mortgage professionals, it’s time to educate Associations and Insurance companies about the fact that they are making people miserable and...

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